Faut-il s'inquiéter des déséquilibres de balances courantes en union monétaire ?

European Financial Linkages: A New Look At Imbalances

“…The perception that growing external imbalances could be the reflection of internal unsustainable developments even in the Euro area, with the building up of an excessive indebtedness of private or public agents likely to result in painful adjustment periods, nevertheless gained ground over time (see inter alia Gourinchas (2002), Ahearne and Pisani-Ferry (2006), Blanchard (2006), European Commission (2006, and following years), Guyon (2007)). The emergence of deleveraging processes in some of the EU countries that had experienced previous booms and large and persistent current account deficits put in a way a closure to the debate-and modalities for taking into account these imbalances in a systematic way in EU policy advice are now being agreed upon at EU level.…”

“…The growth in cross-border claims and global imbalances has sparked interest in documenting external positions in order to more fully understand financial inter-linkages and contagion channels. Following Lane and Milesi-Ferretti (2001;2007), who constructed a database containing estimates of aggregate International Investment positions (IIP) for 145 countries over the 1970-2004 period 5 , updated and extended in 2007 (External Wealth of Nations, Mark II -EWNII), a number of papers have investigated global level bilateral linkages. Kubelec and Sá (2010) constructed a dataset on stocks of bilateral external assets and liabilities for 18 countries over the 1980-2005 period.…”